Journal
May 2025
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The Very Big, Beautiful Gold Report
Good Morning Ladies and Gentlemen ”There is frustration with a state growing while the infrastructure is rotting.” A quote by a journalist about the situation in Germany The current fiscal policy of the United States administration, the big and beautiful bill, characterised by a combination of tax reductions and inadequate efforts at expenditure reductions, […]
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American “What Else”? A Potpourri
Good Morning Ladies and Gentlemen ” In a gold rush, do not invest in gold mines but in shovels.” André Kostolany Today’s “Stefan’s Weekly” is a bit of a potpourri, for which I ask your pardon. But many things happened during the last seven days, and I would like to cover them at least […]
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A Hidden Jewel in the Heart of Europe
Good Morning Ladies and Gentlemen ”The history of high tariffs shows extreme danger: 1890s McKinley Tariff led ~60% EPS drop in S&P 500; 1930s Smoot-Hawley Tariff led 70% drop.” Societe General Today’s discourse centres on the Principality of Liechtenstein, a small nation in Central Europe. I have been tasked with composing an article for […]
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Incrementum All Seasons Fund Seasonal Reflections – 2025/02
The fund manager’s reflections on important political and macro topics and how they affect his management of the fund.
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The Big Long | In Gold We Trust report 2025
The Big Long | In Gold We Trust report 2025 On May 15, 2025, this year’s – now 19th – In Gold We Trust report was presented at an international press conference broadcast live on the Internet. The authors of the report are Ronald-Peter Stöferle and Mark J. Valek, fund managers from Liechtenstein-based asset manager […]
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Monthly Gold Compass – May 2025
We are happy to present to you our Monthly Gold Compass for May 2025. It is packed with our most popular charts.